Connecting to PAPSS
Becoming a PAPSS participant is a straightforward process:
PAPSS will provide access to an onboarding support account to all eligible applicants. The applicant should download, complete and sign the Onboarding Application form, as well as a Membership Agreement and return the forms to PAPSS
Once all necessary information has been provided and reviewed, PAPSS will create a Participant Account
In order to process transactions on PAPSS, Participants will need to complete due diligence and network connectivity successfully
Direct Participant applicants
- A Central Bank Applicant must be from an Afreximbank member state.
- A Direct Participant Applicant must be a separate legal entity. If a corporation or other legal form of organisation is comprised of, or operates as, a structure of more than one legal entity, such as a group, each legal entity within the group that wishes to participate in the PAPSS Payment Scheme must apply separately to become a Participant.
- A Direct Participant Applicant must be a financial institution with a full banking licence.
- A Direct Participant Applicant must comply with all financial and regulatory competence requirements of its applicable Central Bank.
- A Direct Participant Applicant must have a settlement account with its domestic Central Bank Settlement Member in each country in which it uses the PAPSS service.
Indirect Participant applicants
- An Indirect Participant Applicant is a financial institution that does not have a settlement account with its domestic Central Bank.
- An Indirect Participant Applicant must have a relationship with a domestic Direct Participant that will provide settlement services to it in each country in which it uses the PAPSS service.
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